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Friday, October 1, 2010

Glomac mulls expanding Damansara project

Property developer Glomac Bhd is re-looking at the development of Glomac Damansara in Petaling Jaya, Selangor, to include another residential block worth some RM130 million, its chief says.

The RM820 million project comprises two 26-storey serviced apartment blocks, a 25-storey office tower, a 16-storey office building, five- and eight-storey shop offices, two 11-storey office suites and a hybrid three-level retail mall.

Glomac group managing director Datuk FD Iskandar said there may be some changes to the plan as it takes into account demand for new homes.

The two apartment blocks with 348 units worth RM250 million or more than RM600 per sq ft, will be launched in December. More than 2,000 people have registered for them, Iskandar said.
"If we can sell the units within a month, then we will make adjustments. What we will do is instead of having two 11-storey office suites, we will have one with 25 floors.

"The space for the second office suites will be converted into residences with another 150 units," he told Business Times yesterday, after the company's shareholders meeting in Kelana Jaya.

The changes will raise the gross development value of the project to RM1 billion.

Glomac has sold the 25-storey office tower to Lembaga Tabung Haji for RM171 million and the shop offices for RM58 million.

The group has 14 ongoing projects, and Glomac Damansara is its biggest development. Next year, it will have 16 projects in hand.

Iskandar also told reporters at a press conference earlier that Glomac has up to RM3 billion worth of projects to launch over the next four to five years.

It aims to launch some RM600 million worth of new products a year, he said.

Glomac, which has 400ha of land, is eyeing to buy more in greater Klang Valley. It is also eyeing some government land, Iskandar said.

By Business Times

Curitiba picked as model city for KL

The Malaysian Institute of Planners (MIP) has picked Brazil's Curitiba as a model city for Kuala Lumpur to emulate.

Curitiba is a pioneer in urban solutions whose model has inspired urban planning for cities worldwide. It is also one of the richest cities and a regional hub for trade and services in Brazil.

"The reason why we choose Curitiba is because the city has a very modest background and all its programmes are inter-linked with one another," said Norliza Hashim, MIP president 2009/2011 and chairman of international affairs committee.

She was speaking to reporters after announcing MIP is organising the second International World Class Sustainable Cities conferencee (WCSC 2010) scheduled to be held on October 19.

Themed "Going for Growth, Engaging the People", the conference aims to provide a constructive plattform to enlighten, educate and change the mindsets of city stakeholders - industry players, government agencies and public - on the key challenges faced in the planning and development of a "world-class city".

Norliza said one of the biggest challenges in town/city development is public transportation.

"Kuala Lumpur, in particular, is facing significant issues with people's mobility within the city," she said.

Norliza said the proper knowledge and collective understanding gained from the conference will provide clearer direction and help facilitate the coordination of all the strategic planning towards public transport solutions.

Among others, the conference seeks to promote awareness on the benefits of the high usage of public transport and offer the participants insights, options, strategies, policies and the possibilities that can be applied to address planning and implementation of a sustainable public transportation system.

The event is also supported by the Malaysian Institute of Architects, Real Estate and Housing Developers' Association Malaysia and the Kuala Lumpur City Hall.

By Business Times

Singapore said Friday property prices reached new high in 3Q

SINGAPORE: Singapore's housing prices reached a fresh record high in the third quarter as the city-state's economy booms after last year's recession.

Private residential property prices rose 3.1 percent in the July-to-September period, down from 5.3 percent growth in the second quarter, the Urban Redevelopment Authority said Friday.

Real estate prices are at their highest level since the government began the index in 1975.

Prices of public housing apartments, where about 80 percent of Singaporeans live, rose 4 percent last quarter.

Singapore's low crime rate, good schools and low personal and corporate taxes have helped the island rank near the top of expatriate quality-of-life surveys and attracted investors to the residential and office property markets.

Singapore opened its first two casino-resorts this year, boosting tourist visits.

The government expects the economy to grow as much as 15 percent this year.

Private property prices leapt 5.6 percent in the first quarter and 7.4 percent in the fourth, bouncing back strongly after diving 25 percent in the 12 months to mid-2009.


Glomac sees RM5bil GDV

PETALING JAYA: Glomac Bhd expects to generate RM5bil in gross development value (GDV) for its 14 to 16 projects in the next five to six years, said chief executive officer Datuk Fateh Iskandar Mohamed Mansor.

“All the projects will be in greater Kuala Lumpur, except one in Johor,” he told reporters after the company’s AGM yesterday.

Of the amount, he said, Glomac’s township project was expected to generate RM1bil in GDV while the rest will come from its commercial buildings.

By Bernama

KHSB unit to sell land for RM57m

KUALA LUMPUR: Kumpulan Hartanah Selangor Bhd (KHSB) subsidiary, Central Spectrum (M) Sdn Bhd, will sell 17 plots of industrial land in the Selangor Halal Hub, Pulau Indah, for RM57.06mil.

In a filing with Bursa Malaysia yesterday, KHSB said the proceeds from the sale would be used as working capital for the group.

The company said the proposed disposal was in the ordinary course of its business and that it was expected to accelerate the development of the Selangor Halal Hub. The proposed disposal was expected to be completed by end-2012.

By Bernama